DA_TriggR4Ruger":1frx1c0z said:
This makes no sense
What exactly happened? Any more info on this? Ruger is being sued because of backlog??
The way I understand the articles. The people sueing are saying that Management failed to run the company efficiently and get the product to the consumer.
-------------------------------------------------------------------------------------
Glancy Binkow & Goldberg LLP announced that it has filed a class action lawsuit in the United States District Court for the District of Connecticut on behalf of a class consisting of all persons or entities who purchased the common stock of Sturm, Ruger & Company between April 23, 2007 and October 29, 2007, inclusive. The Complaint charges the Company and certain of its executive officers with violations of federal securities laws. The Company engages in the design, manufacture and sale of firearms in the United States. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning the Company's operations, financial performance, and prospects were materially false and misleading. Specifically, the defendants made false and/or misleading statements and/or failed to disclose that: (a) reductions in inventory balances by the Company in the first and second quarters of 2007 had reduced the Company's parts and components inventories below efficient levels, preventing the Company's manufacturing units from meeting production and shipment schedules and resulting in the Company's inability to sustain current or historical sales levels; (b) the Company's backlog of unfilled purchase orders was materially inflated because of the Company's inability to meet current production and shipping schedules due to inventory shortages; (c) defendants misrepresented the actual demand for the Company's products.
Same thing, different company:
Shalov Stone Bonner & Rocco LLP announced that a class action lawsuit was filed on behalf of purchasers of Sturm, Ruger & Company, Inc. common stock between April 23, 2007 and October 29, 2007
Same thing, Different company:
Law Offices of Howard G. Smith announced that a securities class action lawsuit has been filed on behalf of all purchasers of the common stock of Sturm, Ruger & Company, between April 23, 2007, and October 29, 2007
Same thing, Different company:
Kendall Law Group, led by a former federal judge and former US Attorney, announced that a lawsuit has been filed against Sturm, Ruger & Company for securities violations related to public statements made by the company between April 23, 2007 and October 29, 2007
Same thing, Different company:
The law firm of Izard Nobel LLP announced that a lawsuit seeking class action status has been filed in the United States District Court for the District of Connecticut on behalf of those who purchased the common stock of Sturm, Ruger & Company, Inc. between April 23, 2007 and October 29, 2007
-------------------------------------------------------------------------------------
http://www.reuters.com/finance/stocks/k ... 0930220400